Mumbai, Aug. 26 -- Tata Motors Ltd has indefinitely deferred a planned fundraise of up to $1.5 billion in foreign currency loans after failing to garner sufficient interest from potential lenders, two people directly aware of the development said, requesting anonymity.

The funds were to be raised by a Singapore-based entity of Tata Motors to refinance existing loans of Tata Motors as well as its wholly-owned unit, Uk-based Jaguar Land Rover Automotive Plc (JLR), said the people cited above.

Tata Motors was in talks with several foreign banks since the start of this year to avail the syndicated loan facility, the people said. "The loan was to be raised by August this year," said the first person cited above.

"Tata Motors has now decided t...